instead of waiting until the next federal reserve meeting on wednesday of this week, the federal reserve board very large cut in interest rates, bringing them down to almost zero. we haven't seen that sort of thing since the recession of 2008 and president trump, as you heard, very pleased about that. he said it was phenomenal, terrific, and he hoped it would have a good effect on the markets when they open tomorrow. he has good reason to help —— hope that, martin, because they have been in freefall, very nervous about the effects of the spreading coronavirus. this is a co-ordinated action with other countries?m coronavirus. this is a co-ordinated action with other countries? it is indeed an aside i think that central banks all the world over are recognising that such as this crisis, they need to stick together and co—ordinate. this will do is make borrowing money cheaper so that will of course help small businesses whose customers may well be deserting them but they still have the same overheads and so on. of our interest rates will be lower, so will the interest rates of people using credit

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>> i agree with kevin warsh, former member of the federal reserve board and this thing is unique what we're going through right now. 2008 was a crisis but here we're talking about virtually shutting down the u.s. economy, at least for 15 days. they're telling everybody to essentially shelter in place, stay home, stay away from other people. so obviously a lot of businesses such as here, new york city, is pretty much shut down, melissa, as you well know. there is virtually minimal amount of economic activity going on. if this situation is going to con at some level like this as we try to flat own out the curve of the virus, some additional steps need to be taken to flatten the economic curve as well, so we don't have a spike in bankruptcies of companies as coronavirus proceeds. melissa: like what? like what? >> he was suggesting that the fed ought to act under its 13.3 authority to create something like a government-backed credit facility. this would be a facility with the backing of the federal reserve and the government by which companies at risk could come to the government and requ

contributions to the fiscal reserve in excess of 15% require board action. for a capital replacement reserve, the revisions that we've identified allow for the e.d. or the c.f.o. to make moves in line with the capital asset replacement plan. and so the 193 million that we identified as tied to the life cycle replacement of the component of the building. our guidance would be if it's time for the kiosk to be replaced, and whatever that replacement amount is, that would be the recommendation, but then, we would also include it into the annual budgeting process so that there's always board approval for that. it wouldn't just be a unilateral sort of move. >> and then in terms of the disclosures that were identified here earlier, what -- most specifically, we're talking about the capital replacement reserves that could potentially be on hand for longer than your typical spend down rule. so does that mean that would be a taxable leg so that you'd have flexibility to bank that for longer than the three-year spend down rule? >> yes. everything that would be identifie

our viewers may recall the president considered you for the federal reserve board. are you having conversations with him and advising him? guest: i have not talked to the president lately, but i have communicated with some of my friend allies at the white house. frankly, greta, there is a debate in the white house about this, just as there is debate -- you have 10 callers and i bet five would say reopen the economy and five would say we have to do everything we can to protect public health. what i'm saying is we have to have a balancing act. the idea somehow we will keep the economy shut down for i've heard 10 to 14 weeks, i guarantee that will not work. -- wevastation would be would have a great depression if that happened. we have to be really smart about this and have to take incredible public health measures. one other quick thing, because i have been talking a lot about this in the last few days, people wonder what about people who do not want to go back to work? i have family members who are afraid and want to stay away for the next two to three months until t

many economists with the washington center for equitable growth who has worked at the federal reserve board and also the u.s. president's council of economic advisors and in boston we have john gruber an economist at the massachusetts institute of technology and a former president of the american society of health economists and in denver we have a very full boat today kathleen tierney a professor of sociology at the university of colorado and author of a must read book disasters a sociological approach it's so good to have you all with us dr come in we start with you for a minute can you give us a quick snapshot of what the benchmarks on this health crisis is from the health dimension absolutely so in the midst of a pandemic 10120000 cases worldwide over 100 countries 4000 deaths the majority of cases have been in china 80000 cases they seem to have been able to push back from 5000 cases a day down to 20. currently however this we're seeing flare ups in places like italy south korea and iran right now so between those 4 countries that conference 97 percent of all cases worldwide so all of

central bank the federal reserve board today saying that if some models prove true of the extent of the pandemic here in the united states $47000000.00 americans could lose their jobs and the unemployment rate could rise to 32 percent that would be catastrophic here's what the president said about what he thinks will happen once the rotavirus pandemic ed's here and across the world we have the greatest economy in the world with the greatest economy and the history of our country and i had to go from doing a great job for 3 years to shutting it down but you know i'm going to build it up and we're going to build it up rapidly and i think in the end will be stronger for we learned a lot. now elsewhere for the 3rd consecutive day spain has reported more than 800 deaths in the previous 24 hours and after 2 days of declines the number of deaths rose again to 812 but there is some hope that infection rates are slowing in both countries paul brennan reports. even with stringent restrictions empty streets and ever tighter regulations imposed daily declared corona virus cases in europe have now e

during these times just to summarize here if you want to get a sense of how bad this is the federal reserve board president of st louis put together a study and he came out late sunday saying that if nothing is done the u.s. in the 2nd quarter could reach a 30 percent unemployment rate. and the g.d.p. could drop by as much as 50 percent that certainly caught a lot of people's attention that's a worst case scenario but that's coming from a federal reserve bank president in the united states based on data that he's looking at huge huge terrifying numbers that are gay but we've also as we were just saying hearing the bell go at the new york stock exchange and all quiet on the floor today because trading is being done electronically how is that going to walk for the 1st time in the new york stock exchange modern history if you will 1st time and 228 years there will be no traders on the floor of the new york stock exchange it's important to point out trading continues already before this most of the trading was done electronically the guys and gals that sometimes you see on the floor of the trading fl

these are these are reserve board rooms. for the secretary. on tuesday reported that elliot management was coming for muscle yoshi's on a soft bank and now it seems like the most feared investor has got his sights set on jack dorsey c.e.o. of twitter now jack dorsey founded twitter and was the 1st c.e.o. he was then booted out for spending too much time doing yoga and attending fashion design classes but then in 2015 he returned to lead twitter once again as no one understood the vision of the company as well as he did however under his leadership twitter's stock price is down 6.2 percent meanwhile its biggest comp base book is up 121 percent in the same time period elliott management who has a 4 percent stake in twitter is obviously not happy with the stock performance and has now put in 4 nominees to the company's board with the goal of replacing dorsey elliott claims that dorsey only devotes part of his attention to twitter as he also runs payment company square in which he has a larger financial interest twitter has also failed to innovate

contributions to the fiscal reserve in excess of 15% require board action. for a capital replacement reserve, the revisions that we've identified allow for the e.d. or the c.f.o. to make moves in line with the capital asset replacement plan. and so the 193 million that we identified as tied to the life cycle replacement of the component of the building. our guidance would be if it's time for the kiosk to be replaced, and whatever that replacement amount is, that would be the recommendation, but then, we would also include it into the annual budgeting process so that there's always board approval for that. it wouldn't just be a unilateral sort of move. >> and then in terms of the disclosures that were identified here earlier, what -- most specifically, we're talking about the capital replacement reserves that could potentially be on hand for longer than your typical spend down rule. so does that mean that would be a taxable leg so that you'd have flexibility to bank that for longer than the three-year spend down rule? >> yes. everything that would be identifie

dark out feeding cats to be sitting at night out dark and were born really wrong reserve board i was and i should say it might happen i don't want to deny it but if it will not happen for all the women who don't want to be mothers and it creates a lot of fear within young women because if this is the only image do you have in mind. given the at this is why would i have to be an olympic champion if i didn't want to be the way you think i might have the ability the talent and if i trained enough from an early age i might become a marathon runner or an olympic champion gymnast necessarily because but maybe i don't want that those little me in the same applies to motherhood i might have the biological capacity to give birth to rear children in bottle but i might even make a great mother but if i don't want to do that in my life why should i have to. if you do not want a child there are certain things that you will have to get used to people saying to you there are men who were born. of cher and she a mind yeah so i think it's very tough to say about a small issue you'll change your mind

contributions to the fiscal reserve in excess of 15% require board action. for a capital replacement reserve, the revisions that we've identified allow for the e.d. or the c.f.o. to make moves in line with the capital asset replacement plan. and so the 193 million that we identified as tied to the life cycle replacement of the component of the building. our guidance would be if it's time for the kiosk to be replaced, and whatever that replacement amount is, that would be the recommendation, but then, we would also include it into the annual budgeting process so that there's always board approval for that. it wouldn't just be a unilateral sort of move. >> and then in terms of the disclosures that were identified here earlier, what -- most specifically, we're talking about the capital replacement reserves that could potentially be on hand for longer than your typical spend down rule. so does that mean that would be a taxable leg so that you'd have flexibility to bank that for longer than the three-year spend down rule? >> yes. everything that would be identifie

you mentioned federal reserve board, they did over weekend. they -- there is some suggest that they should create a new facility, a government backed credit facility -- >> aye . david: dur turn them into a banr small businesses, i hear you groaning, why would be that a mistake. >> that creates the panic, this is what happened in 2008, just bear sterns then aig, then -- so lindthen10years of bailout, thid for the economy this prolongs downturn and distorts prices and markets and saps liquidity from the marketplace. david: quick wrap. >> point of mark to reflect reality no jail out, lit it do what it will. david: coronavirus pandemic shutting down major cities in the country. fox news medical contributor dr. nicole sapphire will separate fact from fiction for us, what you should do to protect yourself, important information, you need to know, coming next. you wouldn't accept an incomplete job from anyone else. so why accept it from your allergy pills? flonase relieves your worst symptoms which most pills don't. get all-in-one allergy relief for

after that call, the federal reserve board, through jay powell, went out and unilaterally cut the interest of the u.s. by 50 basis quite -- points. is there enough gordon nation going on around the central banks and finance ministers? kristalina: let me first say that central banks are talking to each other and they are looking at within the different situations, what they can do. connectionnstant among central banks and of course, with finance ministers as well. that atrecognize is this moment, countries in different places in terms of where the epidemic is and therefore, some are more -- in takingaking precautionary measures, measures that respond to the crisis. what we want to see is us to serve as a transmission line of experience to accelerate good practice in response to the crisis. we also, to make sure that are bringing countries together on a very critical topic. build ally proposed to global coordinating mechanism. so, funding made available to buy medical supplies is coordinated with ratcheting up production of the medical supplies, to make sure that we actually can act in a tim

>> so i think i mean it seems to me that for some time now, the federal reserve board has sort of become the automatic bullet that can solve whatever the problem b. i'm in the camp that i think last week's rate cut was a mistake. it have too early. even accepting my underlying thing that i can't really imagine what on earth lower interest rates are supposed to do in terms of helping and i'm saying i expect them to cut more because the fed is just seemingly become of that nature. but i do not think it makes any sense. there is, you can't ignore positive issues going on in life and i think as much of the past three or four years that's passed on as we see a lot around the world, the whole laud of issues of perception and equal inequalities and monetary policy in supporting bonds and equities or trying to in almost any circumstances, has partly fueled some of the legit maimacy of questions about how modern capitalism is. i don't know what why the fed is doing that certainly no obvious need why it would do anything. other than the obvious fact that financial conditions indicated the u.s. eco

that is the thing you heard kevin warsh from the federal reserve board campaigning for that in "the wall street journal" yesterday. now we hear a response that there will be a credit facility, where small businesses can go, meet your payroll, meet your rent. i was talking to a small business owner today, she was saying she doesn't know how she would do either of those things, hadn't heard about this yet. they need to get the word out. when people come back out of the houses you want something to be there. >> 30 million small businesses in this country, melissa, makes up 99% of all businesses. hive been speaking to a lot of them week. i can't begin to tell you how worried and scared they are. not only businesses have the business drop off the ledge, they can't plan for the future. that is big and small going forward. so yeah, this is necessity. you know, when the president or anybody has these pressers, first thing they should start with here is the number or the website to call if you are a small business and you qualify. this is a must. small businesses are the engine of this country. i

an emergency step in between meetings of the federal reserve board in response to economic fears of the coronavirus. >> just want people to understand how big this is. this doesn't normally happen, okay? they cut rates when they plan to have meetings. this happens between meetings, that's what happened this morning. this has not happened since the depths of the financial crisis in 2008. before that, right after 9/11 when the market reopened. the president's former head of the council of economic of advisers kevin hassett is on the phone with us. this is huge for the markets, huge for americans. you told me last week the fed shouldn't do this. it was not the right response. so what is this going to mean for everyone? >> the fed moved, they lowered their target range from 1% to 1.25%. markets were expecting maybe three moves for the rest of the year because everybody was getting so pessimistic about the economic impact of the coronavirus. so i think if it were me, i would think i would try to coordinate a fiscal policy response, but that doesn't seem to be moving right now and maybe -- so

and so what the administration and the federal reserve board is trying to do is throw everything they can at this to prevent this from turning into a total disaster and by that i mean, once the virus passes, the most important thing is going to be are those jobs going to still be there? in other words, is demand going to be there. that's why we're seeing instances where they're going to be throwing thousand dollar checks at individuals, supporting small businesses and medium sized businesses, all for the purpose of once the virus passes, that those businesses become vibrant again because the demand will be there that's what's happening here so far we've had two days now where we've seen green prices at the end. now we were in a waterfall decline. waterfall decline basically is one that is typically rare, but it lasts typically 27 days, they're interrupted by strong, sensational one-day rallies, but they typically go the full length, in other words 27 days, and they're over once that happens, you go into a bottoming phase. that takes several weeks or months, where the bottom is tested

just in summary here to give you an idea of how bad this could be the president of the federal reserve board of st louis looked at the numbers cry. the numbers and he said. sunday night he said that the u.s. could face 30 percent unemployment in the 2nd quarter and could face a g.d.p. that loses nearly 50 percent in the 2nd quarter these are the kind of numbers we're talking about what we're hearing on wall street is. to perhaps the great depression these are not just hyperbole here this is what actual wall street folks are now saying comparing this to perhaps becoming the great depression here in the united states that's why there is so much urgency to try to get a stop to this right extraordinary numbers in extraordinary times that as another sign of that when this took the stage what was it a half ago so there was a historic difference was in the us about. yeah for the 1st time in 228 years the floor of the new york stock exchange was closed to traders very unprecedented for this to happen it's important the stock exchange is still running it's running normally the dow is down about 2.5 p

going to do it, and i think they're going to start tomorrow, but you know, i'm not on the federal reserve boardartha: you have to put confidence in the economy in bolstering the underpinning of lending and all of that, and then we are going to worry about getting these businesses open back up. the biggest all-time data loss, just to give people perspective on what happened today, so the blue line is today. the top line is 1987, which some of us remember. you've got 1929, which none of us remember but we have all studied. just a kind of put things in a little bit of perspective, and i would imagine based on what is going on we're going to see a couple more days like today. >> it was a brutal day. it was a panic. this was bigger than any single day drop during the financial crisis. let's hope we don't have a lot of days like this. i don't know if my heart can take it. >> martha: i know, but there will be ups and downs before this is over, no doubt about it. >> what's worse about it is it is on top of what is going down. it's not stopping, and that is why, when i talk about a panic, there is -- no

we were on the board in february 2018 when the federal reserve you were on the board in 2018 wells fargo timid discrimination, you are on the board on march 18th when the wealth management -- you're on the board april 2018 and a one billion dollar settlement from pot alone issues. they were on the board on may 2018 altering business information with our client now. may 2018 when 480 million dollars to settle security lawsuits you are on the 40 june 2018 and the ftc fine for lending investors -- you are on the board and july 28 on the funds like pet insurance and legal insurance is you are on the board in july 2018 i could keep going on but i'm running out of time i'm gonna run out of time before he took all of the things that took place at wells bar go and supposed to have some accounted ability and doing all this my question would be in the december 2015 up when the feds came back with changes made to the composition for the changes made to the position by the wells fargo board back then? >> i know there was no you don't have to answer except for one board member. to an entire 2015 born

and occ cande send orders and the federal reserve board cap. public statements th assured the think progress to achieve compliance did not match up with what was taking place behind the scenes. i am cautiously optimistic that you are the right man to bring the bank into compliance and to bring these scandals to rest. what makes you different from your predecessors to adequately address and resolve these deep-seated issues in wells fargo? >> thank you, congresswoman. i've been lucky enough to have a series of experiences in companies that have been both well-run and troubled into coming out of those experiences i believe there is a series of things that can be very applicable here. things i've done since i've come to wells fargo i think our in stark contrast to how we've approached some of these in the past. i think if you are inside the company you feel we are approaching this veryy differently. these very differently. i've been open and honeste abot our lack of progress not positives bothe being realistic and focusing on the negatives because

you were on the board in february 2018 when the federal reserve restricts your size. you were on the board in february 2018, also, when the sacramento sued the wells fargo over discrimination against black and latino borrowers. you were on the board on march 18th when the wealth management investigation emerges. you were on the board on april -- on april 2018 when there was a $1 billion settlement for mortgage locks and auto loan issues. so you were on the board on may 2018 altering business information without client knowledge. you were on the board on may 2018 when $480 million to settle securities fraud lawsuit. you were on the board in june 2018 when the s.e.c. fined for lending investors astray. you were on the board in july 2018. you were on the board in july 2018 private bank wealth management issues and i could keep going on but i'm running out of time. i'd probably run out of time before i talk about all the things that took place at wells fargo when you were on the board and chair of the board. and supposed to have some accountability. and doing all of this,

>> i'm not on the federal reserve board. i can't say exactly what they are thinking.s like you know what they are thinking before they say it? charlie: i talk to policymakers. what they're saying the fed will keep injecting liquidity into the market. it's not a fear. it's actual real, but it does help the financial markets. what essentially they are saying now fed has meeting on wednesday, likely not today but probably monday, tuesday maybe after meeting wednesday, they will reduce rates again. the number i hear is take it to zero. that doesn't mean -- i'm just telling you what fed watchers are telling me. take fed funds to zero and deal with qe, buy treasury bonds. buy stuff, buy bonds, inject liquidity into the system. those all obviously, they will not deal with the root cause of all this but they do have the market. right now we have real problem, there's not a lot of liquidity. people aren't able to -- if you have that issue is bad for businesses. if businesses can't borrow short-term they can't pay payroll. usually you don't get all your money at once. you borro

contributions to the fiscal reserve in excess of 15% require board action. for a capital replacement reserve, the revisions that we've identified allow for the e.d. or the c.f.o. to make moves in line with the capital asset replacement plan. and so the 193 million that we identified as tied to the life cycle replacement of the component of the building. our guidance would be if it's time for the kiosk to be replaced, and whatever that replacement amount is, that would be the recommendation, but then, we would also include it into the annual budgeting process so that there's always board approval for that. it wouldn't just be a unilateral sort of move. >> and then in terms of the disclosures that were identified here earlier, what -- most specifically, we're talking about the capital replacement reserves that could potentially be on hand for longer than your typical spend down rule. so does that mean that would be a taxable leg so that you'd have flexibility to bank that for longer than the three-year spend down rule? >> yes. everything that would be identifie

contributions to the fiscal reserve in excess of 15% require board action. for a capital replacement reserve, the revisions that we've identified allow for the e.d. or the c.f.o. to make moves in line with the capital asset replacement plan. and so the 193 million that we identified as tied to the life cycle replacement of the component of the building. our guidance would be if it's time for the kiosk to be replaced, and whatever that replacement amount is, that would be the recommendation, but then, we would also include it into the annual budgeting process so that there's always board approval for that. it wouldn't just be a unilateral sort of move. >> and then in terms of the disclosures that were identified here earlier, what -- most specifically, we're talking about the capital replacement reserves that could potentially be on hand for longer than your typical spend down rule. so does that mean that would be a taxable leg so that you'd have flexibility to bank that for longer than the three-year spend down rule? >> yes. everything that would be identifie

the fact we have the ability to tap reserves without going below guidelines is testament to past folks and you all and the board forgetting us there. when someone takes thing to, people are looking to me to say the reserve. the reason it is there before is for a time like this. i am line myself with vice chair borden's comments. i am sorry to take over. i am to speak last. directors who are on the phone, i suspect some if not all of you would like to weigh in here. may we hear from you. since i believe she is the longest serving i will call on directodrink director brinkman . >> thank you. i agree with what you have proposed. this is the perfect example of the rainy day fund. i want to congratulate staff. i really appreciate hearing the budget update. they listened to the public and i am very, very supportive of the changes that have been proposed. i like vice chair borden's ideas for the payment options for the lifeline pass. looking into away where people could not have to pay the full amount upfront on the first of the month before we get a fare aggregatetor option to allow them to pay weekly towards the lif

addition any of the last 3 years it has had some management issues in fights within the board and concerns from the reserve bank of india the regulator but whether the management of the appropriate a lot of that division played out over 2019 and it seems now that there's a bank of india does not trust the board to be able to raise fresh capital to keep the bank a going concern roll on the bank i'm a christian thank you very much for that. on friday opec ministers and their non opec counterparts will discuss plans to avoid an oil market crash in the face of the coronavirus. talks in vienna on thursday opec members have agreed to cut all production by 1500000 barrels in the 2nd quarter of this year the biggest cut since 2008 barrel prices dropped by a quarter since the coronavirus appeared opec wants its allies in the wider opec plus group led by russia to make up of the planned cuts. under some of the other news making headlines today argentina's central bank is cutting benchmark interest rates for the eights time since december the current government has been in place for less than 3 months interest rates

reserve, the occ, the cfpb, sec and wells fargo. we conducted interviews with key executives at wells fargo and the former chair of the board risk committee. in addition, they interviewed officials at the federal reserve, the occ and cfpb. the documents would serve for the basis of the majority staff report in which the minority also used for their report which were obtained because the majority staff spent months working to obtain them from regulators and the bank. regulators and the bank did not offer these documents up on their own. but instead, only provided them to us after months and months of intense but productive negotiation. the majority staff determined that the focus of this investigation drafted the document request to the occ, the cfpb and the federal reserve. wells fargo bank and wells fargo's board of directors determined the scope of those inquiries. a majority staff selected the witnesses, the committee interviewed and negotiated their appearances for interviews. at the same time, republican staff had access to all documents that had the opportunity to participate in all formal interviews. i would like to publicly acknow

our viewers may recall the president considered you for the federal reserve board.re you having conversations with him and advising him? guest: i have not talked to the president lately, but i have communicated with some of my friend allies at the white house. frankly, greta, there is a debate in the white house about this, just as there is debate -- you have 10 callers and i bet five would say reopen the economy and five would say we have to do everything we can to protect public health. what i'm saying is we have to have a balancing act. the idea somehow we will keep the economy shut down for i've heard 10 to 14 weeks, i guarantee that will not work. -- wevastation would be would have a great depression if that happened. we have to be really smart about this and have to take incredible public health measures. one other quick thing, because i have been talking a lot about this in the last few days, people wonder what about people who do not want to go back to work? i have family members who are afraid and want to stay away for the next two to three months until the

received briefings from the federal reserve, the occ, cfpb, sec and wells fargo and conducted interviews with key executives at wells fargo and the former chair of the board's risk committee. they interviewed officials at the federal reserve. the documents served as the basis of the majority staff report. the report was obtained because the majority staff spent months working to obtain them from regulators and the bank, did not offer these documents up on their own. but instead only provided them after months and months of intense negotiation. the majority staff determined the focus of this investigation, drafted the document request through the occ, cfpb and the federal reserve. the board of directors determined the scope of those inquiries. the majority staff selected the witnesses, the committee interviewed, negotiated their appearances for interviews but at the same time republican staff had access to all documents and had the opportunity to participate in all formal interviews. i would like to acknowledge the work of the following majority staff members without whose year-long efforts this report would not have been possible. bruce johnson, deputy chie

if it has a credit problem and the federal reserve board can make sure it has enough money to stay in business, all the people who work at the grand ol' opry can continue to have jobs. if they don't, they will be out of work. now, what's wrong with that? i mean, the goal of that, whether you work for a big company or a little company, you're still an american citizen , whether you work for fedex or the local diner. and as far as solving the problem of the disease, and then i will let others speak, pass this bill and one day sooner, we would have $10 billion to accelerate treatments. treatments are what we need. to accelerate vaccines. vaccines are what we eventually need. pass this bill, and we would have $75 billion for hospitals. $10 billion for those diagnostic treatments i just mentioned. $1.7 billion to buy more masks. all of that can happen one day sooner if the other side weren't trying to attach its political agenda to a crisis bill. this is no time to be running a political campaign. as the majority leader said, the house, dominated by democrats, sent us their ideas. we passe

we hope the federal reserve will finally get on board and do what they should do because we're doing things that they should be doing frankly and we can all do it together but they should be much more proactive other. boards said that other countries. and people representing those countries are taking a much more aggressive action than our fed and for the most part so i would like to see the. you know if you look at central banks yesterday what they did we want to see our our federal reserve be much more proactive that's important. but in the meantime we're doing things that. that are that have been really well received i guess you saw that yesterday at the end of the day with what we've. we have a lot of things to tell you in terms of respirators in terms of all 'd of the different things or the masks are being made by the millions millions and millions we have plenty now but we're 'd ordering for the millions who are ordering the worst case scenario is we always say worst case scenario and that's where we're going so i just want to. thank everybody i think the press has been really

jerome powell today, saying this was a terrific move, offering his congratulations to the board of the federal reservehow would the global markets react to this use of a bazooka by major central banks to make it easier for banks to get more money out to their customers? they could soar on the news of cheaper money and the impression of a firm grip on the problem or they could collapse even further — believing that it was a signal that this coronavirus is going to be even worse than originally feared. let's get an update from mariko 0i in our asia business hub in singapore. i'm guessing the latter has come true, the markets are more in here. indeed, maryam, and if you look at japan's mckay, it's been acting like a yo—yo, a lunch break and in the morning session, pretty much flat. it was in and out of the negative territory all morning. investors have been waiting for this emergency monetary policy meeting, in response to the fed's emergency rate cut which has just started about one minute ago they are basically waiting to see what kind of measures the bank of japan might announce measures the bank of j

it is what we have seen for a couple of weeks, central banks are cutting across the board, manyjoined the federal reservend as well. add across asia following suit this week, to stabilise markets as best they can. most importantly, ensure credit conditions remain favourable because the bigger risk is they tighten up and put further enormous pressure on the economies. we were talking about the increasing speculation, the world heading into a global recession, will that have an impact on markets? absolutely, in equity markets, the prospect of lower earnings over the quarter this year and the knock—on effects. for many companies this will be a short—term pain and they will be a short—term pain and they will bounce back later. if you are looking at the airlines, there could be considerable damage in the short, medium and even long—term. it won't be straightforward, for some, it will be. it is clear the next quarter will be extremely painful. this is where governments and central banks will have to work closely together to ease the pain as much as they can, particularly for those companies that rely on short—

jerome powell today, saying this was a terrific move, offering his congratulations to the board of the federal reservehuman trial of any vaccine to protect against coronavirus will begin in the us city of seattle on monday. 45 young, healthy volunteers will receive various doses without being infected. the vaccine doesn't contain any part of the coronavirus, but will instruct a patient‘s own cells to produce proteins that could prevent, treat or cure the disease. as we've been reporting, days after becoming the new epicentre of the coronavirus pandemic, europe has been altered beyond recognition. the streets of rome, madrid and paris are deserted. spain is in a state of emergency with the whole population in near total lockdown. from the capital madrid, here's damian grammaticas. you may find this report distressing. she is gasping, grief stricken, infected with the virus. last night, in this hospital, her husband died. today, doctors have told her to go home. there aren't enough beds to treat her. she's not sick enough, not yet. around her, trying to calm her, are her children, now at extreme risk to

>> with respect to paragraph two, which is related to board effectiveness, the federal reserve has said that we have been responsive there. >> thank you. >> we change the committee structure. >> mystica mr. quigley i think it is clear to me, distaff of the federal reserve and even other executives within wells fargo, that the priority of the two of you and the overall focus of the board was on lifting the asset cap and exiting the consent decree and not actually fixing the risk management problem at the bank or holding senior management accountable. that is why you're here. i will dare to say, that probably you will have to come back. if you do not change. >> the gentle man from ohio it is recognized for five minutes. >> thank you chairwoman. mr. quigley, in your view now that you are no longer with the board you believe that some of the criminal actions taken by employees at wells fargo should be prosecuted by federal officials? sword do you believe the fines already implemented provide enough redress for consumers? >> i appreciate the ability to respond to what i wanted to respond twi